The rule.
“deliberately or negligently, mislead a client in relation to the real or perceived advantages of any crypto-assets”
Verbatim extract, read on 4 November 2026 from the source below. Everything else on this page is NorthPoint’s plain-English reading.
What it requires.
- Information to clients is fair, clear and not misleading, including in marketing communications, which are identified as such.
- A CASP must not, deliberately or negligently, mislead a client about the real or perceived advantages of any crypto-asset — including assets it lists but did not issue.
Who it applies to.
Crypto-asset service providers (CASPs) — exchanges, brokers, custodians and other authorised firms — in everything they tell clients and prospective clients, including marketing communications.
Common violations in marketing copy.
New listing: [Token] — the next 100x gem.
Promotes perceived advantages of a listed asset in a way that misleads on its prospects.
In-app banner styled as a news alert: 'Analysts expect [Token] to surge'
Marketing not identified as such, and a misleading framing of the asset's advantages.
Non-compliant vs compliant.
“Top analysts agree: [Token] is set to explode. Buy now on [Exchange].”
“Now listed on [Exchange]: [Token]. Read the white paper before you trade. Crypto-asset prices are volatile and you can lose money.”
Related rules.
-
Article 66(3) · European Union
-
Article 66(4) · European Union
-
Article 66(5) · European Union
-
Article 7(1)(b) · European Union
-
Article 7(1)(a) · European Union
-
Markets in Crypto-Assets Regulation (EU) 2023/1114.
Source.
| Instrument | Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA) |
|---|---|
| Provision | Article 66(2) |
| Primary source | https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-66-obligation-act-honestly-fairly |
| Official text | https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng |
| Read from | ESMA Interactive Single Rulebook, one page per article (ESMA's own publication of the MiCA text) |
| Checked |
This page is general, sourced information for marketing teams, not legal advice. The examples are written by NorthPoint to illustrate the rule; for a binding view on your own promotion, retain qualified counsel in the jurisdiction concerned.